Planning a home sale and retirement
Ask Phyllis is a blog series of frequently asked real estate questions. Have a question about real estate? Email us here
My wife and I are hoping to sell our home and retire. We have a significant amount of equity in our home which represents nearly half of our net worth. We need to move somewhere where housing prices are much cheaper. Where do we begin? How do you suggest planning a home sale and retirement?
Dear Empty Nesters,
You are right to be cautious; I have had a few clients relocate only to be extremely unhappy with their new destination. If you and your wife are very active, be wary of retirement communities, I have had clients move there only to decide that everyone was too old. If I were to relocate, I would miss our climate more than anything. I have family in Washington State and I know I would not be happy there. I have other relatives in the south, and I could not stand living with their insects. Hopefully you are not as fussy as I.
Do you have children, grandchildren or other family members in outlying areas? If so, that will be a good place to start. Or perhaps you have friends who retired in other communities? Are they happy? Might you visit them and spend some time and try to imagine your lifestyle in their neighborhood?
I have had other clients opt to work a few extra years and then simply downsize locally. Have you considered remaining in an outlying less expensive community and or condo living? In this scenario, you might keep the same doctors, hairdressers, friends, etc.